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ICICI Direct's currency report on EURINR
The Euro depreciated by 0.43% yesterday amid strong dollar and disappointing economic data from Germany. German consumer morale is projected to inched up in June but high inflation and war in Ukraine continued to weigh on household spending. However, sharp downside was cushioned as hawkish statement from ECB President Christine Lagarde continued to support single currency • The Euro is expected to trade with a negative bias amid a strong dollar and on growing concerns over the economic health of the region. Market participants are worried that rising borrowing cost may have a ripple effect on an already fragile economy. Additionally, investors fear that sanctions on Russian oil imports will have severe impact on economic growth as it will swell energy prices. EURINR (May) is expected to trade in a range of 82.70-83.15
Intra-day strategy
| EURINR May futures contract (NSE) | |
| Sell EURINR in the range of 83.00-83.02 | |
| Target: 82.70 | Stoploss: 83.15 |
| Support: 82.80/82.70 | Resistance: 83.15/83.30 |
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